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  • Writer's pictureHarry N. Stout

54- Why You Need A Financial Coach

Updated: Jan 15, 2021

As I wrote in The FinancialVerse – A Common Sense Approach for Your Money, you will encounter questions, risks and life events that you will need advice about to navigate your way through the FinancialVerse. It is virtually impossible for an individual to know all there is to know about every financial matter in their lives. That is why you need a financial coach or coaches to solve problems and achieve success.

As you go stage to stage through your financial life, the products and services you will need will change, sometimes very frequently. Unfortunately, due to how the US government has chosen to regulate the purchase and delivery of financial services, you will likely be required to go to several companies and different types of financial professionals to buy the products and services you need. Here are some examples:

  • To purchase or establish banking services such as checking accounts, savings accounts, personal loans, mortgages, or car loans, you will need to go to a bank, savings and loan, credit union, or finance company that is licensed to sell these products.

  • To purchase a financial plan, you should go to a financial planner, preferably a Certified Financial Planner or CFP. At the same time, other professionals such as insurance agents, registered investment advisors, banks, accountants, or stockbrokers may be licensed to offer such a service to create a plan for you. The CFP is usually best equipped to deliver this service in a comprehensive manner based on their training, continuing education and professional standards.

  • To purchase general insurance products, you will need to go to a property and casualty insurance agency or agent. This entity and its representatives can identify and sell you automobile insurance, homeowner’s coverage, rental insurance and personal liability products.

  • To purchase life insurance, disability, health insurance, and annuity products, you will need to go to a life insurance agency or agent. This entity and its representatives can sell you these products.

Based on my experience, I suggest you start your journey into the FinancialVerse by creating a team of a financial planner, a life insurance agent, and a general insurance agent to guide your journey. This team should be able to provide you with the advice you need to put the foundation plans and protections in place. As you proceed through the Striving Stage of life and your assets grow and financial needs become more complex, you will need to add other resources to your team including a CFP, an attorney, and other professionals.

Remember, the key to navigating the FinancialVerse is to know the risks and challenges you face and to proactively address them. Having the right coach for each area should assure your financial success.


The FinancialVerse works to help you identify life’s financial challenges and provide suggested resources that you can pursue to educate yourself. The content is focused on consumer education and does not promote any particular product, service, or company.

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